FelCor Lodging Trust (FCH) 8-K Felcor Announces Preferred Stock Offering

Exhibit 12.1

FelCor Lodging Trust Incorporated/FelCor Lodging Limited Partnership
Computation of Ratio of Earnings To Fixed Charges

																						Six Months			Six Months
	1999			2000			2001			2002			2003			Q2 03			Q2 04			ended June 03			ended June 04
	(amounts in thousands, except ratios)
Income (loss) from continuing operations		114,039			53,511			(46,814	)		(76,069	)		(273,110	)		(12,896	)		(30,108	)		(33,996	)		(45,572	)
Minority interests		6,657			7,224			(8,525	)		(6,885	)		(18,515	)		(1,384	)		(2,312	)		(2,511	)		(3,381	)
Equity in income of unconsolidated entities		(8,484	)		(14,820	)		(7,346	)		10,127			(2,370	)		(726	)		(2,691	)		(578	)		(3,673	)
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees		112,212			45,915			(62,685	)		(72,827	)		(293,995	)		(15,006	)		(35,111	)		(37,085	)		(52,626	)
Fixed charges:
Interest expense		125,436			158,620			159,171			164,355			167,361			41,007			39,737			80,826			80,857
Capitalized interest		5,249			1,080			811			775			588			149			167			483			200
The sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebetedness		130,685			159,700			159,982			165,130			167,949			41,156			39,904			81,309			81,057
Amortization of capitalized interest		1,109			1,200			1,269			1,225			1,191			315			328			322			329
Distributed income of equity investees		19,581			25,358			8,132			11,310			8,848			2,288			1,603			2,913			3,129
Interest capitalized		(5,249	)		(1,080	)		(811	)		(775	)		(588	)		(149	)		(167	)		(483	)		(200	)
Earnings		258,338			231,093			105,887			104,063			(116,595	)		28,604			6,557			46,976			31,689
Fixed charges		130,685			159,700			159,982			165,130			167,949			41,156			39,904			81,309			81,057
Ratio of Earnings to Fixed Charges		2.0			1.4			0.7			0.6			(0.7	)		0.7			0.2			0.6			0.4
Deficiency								54,095			61,067			284,544			12,552			33,347			34,333			49,368